In the United States, the results of a new poll praise Ether. Out of 1,000 people surveyed, 46% believe that the ecosystem cryptocurrency Ethereum (ETH) could overtake Bitcoin (BTC) within a few years. Let’s go back in more detail to the different information shared by this survey, as well as the history of the dominance between Bitcoin and Ether.
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Bitcoin in decline in the United States?
Here is a news that could make the biggest followers of Bitcoin (BTC) cringe. According to a CryptoVantage survey of 1,000 Americans, 46% of them believe that Ethereum (ETH) will overtake Bitcoin (BTC) within the next few years.
According to the methodology used, all participants resided in the United States, were over 16 years old and had purchased cryptocurrency in the last 5 years. To note that This survey aimed at a wide audience where the profiles questioned did not require in-depth knowledge of the market.
In question : 21% of respondents claimed that Dogecoin (DOGE) could outperform Bitcoin. In contrast, 16% said no altcoins can compete with the world’s leading cryptocurrency.
However, respondents seem to coalesce under one banner when it comes to whether Bitcoin price will reach new highs: 70% think the king of cryptocurrencies will surpass its all-time high (ATH) before 2028. Similarly, 23% of respondents believe that a new ATH could see the light of day as early as 2024.
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The story of the fight between Ether and Bitcoin
For many years, Bitcoin, the first cryptocurrency to emerge, crushed the cryptocurrency market. From January 2009 to February 2017, its dominance fluctuated between 99% and 95%. This means that for every 1,000 euros of valuation in the cryptocurrency market, more than 950 euros were attributed to Bitcoin.
However, with the upward trend of 2017, a new cryptocurrency experienced unprecedented popularity. The valuation of the Ethereum ecosystem, co-founded by Vitalik Buterin, has seen its total capitalization grow dramatically, to the point of gradually catching up with that of the king of cryptocurrencies.
Chart representing the dominance of Bitcoin in the cryptocurrency market between 2015 and today
In July 2017, while Bitcoin dominance stagnated around 55%, that of Ether exceeded 30%. The enthusiasm of some investors for the native cryptocurrency of the Ethereum blockchain led to the creation of a new term: flippening.
Flippening refers to a potential situation where the capitalization of Ether exceeds that of Bitcoin. There are many debates about the likelihood of such an event occurring. : some underline the essential role of Bitcoin as a digital equivalent of gold, while others defend Ethereum and its ability to develop use cases via its smart contracts.
At the writing of these lines, the dominance of Bitcoin is 50%, while that of Ether stands at 19.65%. With a capitalization exceeding 220 billion dollarssome investors agree that ETH has become too prominent in the cryptocurrency market to be considered in the altcoin category.
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Sources: PR, TradingView
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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